Search Results: economists

One thing that is rarely done is a literary-style analysis of the language used in finance and business. It can quickly reveal the sleight-of-hand, even outright deception, that plague these powerful sectors. To take one example, finance language heavily relies on water metaphors, which are deeply misleading. It is unlikely that this is done deliberately; it is more probably reification (making the intangible appear to be concrete). But its consequences have been, and remain, devastating.

One of the challenges for progressive parties is to look beyond the existing neoliberal framework for solutions to the current malaise. Labor is so steeped in neoliberal orthodoxy that, even if it was willing to evolve, it's likely incapable of doing so. And while much of the intellectual heavy lifting in forming a picture of what a post-neoliberal future may look like will be done outside organised politics, Labor remains completely unengaged with almost all of these debates.

Witnessing the debate over Sunday penalty rates, an intriguing pattern of thinking emerged. It can be characterised as a microcosm/macrocosm duality. Those arguing for lower Sunday wage rates demonstrate their case by talking about individual businesses, the micro approach: 'Many businesses would love to open on a Sunday and if wage rates were lower, they would. Unleash those businesses and greater employment will follow.' Superficially impressive, this does not survive much scrutiny.

The last 30 days have seen some big developments in the ongoing attempts of Premier Weatherill's plan to import high-level and intermediate level radioactive waste. On Sunday 6 November came the surprising decision of the Premier-initiated Citizens Jury. By the end of their six day deliberations, the 350 second round jurists showed a decided shift in opinion. Their 50 page report, presented to a somewhat discomfited Premier, had a strong two thirds majority against the dump.

The US election, to no one's regret, is now over. It remains to wish Donald Trump well as he prepares to take up the office of president. It is tempting to see Hillary Clinton as Humpty Dumpty and ask how she can pick up the pieces of her life, when tarnished and wearied by a campaign so full of personal abuse, revelations of tawdry behaviour and a lack of grace. Yet it is not Clinton that lies broken at the foot of the wall. It is the polity of the US, shown to be bereft of the trust necessary for national wellbeing.

Much has been made about how Republicans benefited from the 'birther' campaign and the Tea Party. It suited them to have proxies undermine the executive branch. In other words, the political right only has itself to blame for the nihilism which now engulfs it - and potentially, the nation. But the failures of the left also bear examination. While Clinton's current lead cannot be attributed entirely to her virtues, the polling gap between her and Trump should have been much wider, earlier.

In Mexico, a 12-year old boy walked onto the road to stare down an 11,000-strong anti-LGBTQ protest. In Italy, a small town has been revived by the arrival of refugees and migrants. In the US, NFL quarterback Colin Kaepernick has pulled the issue of police brutality into apolitical spaces, using symbolic gestures to draw out the history of racialised oppression. As Democratic vice-presidential nominee Tim Kaine puts it, 'If you want to be right, be a pessimist, if you want to do right, be an optimist.'

The argument that putting government operations into private hands ensures that things will run better and society will benefit is not merely a stretch; it is in many respects patently false. The argument is based on the claim that the market always produces superior price signals. Yet one area where private enterprise definitely fails is long term stability. If there is an expectation that a privatised service should last in the long term, and usually there is, then selling it to business is a bad choice.

The main legislative catalyst for the GFC was the repeal, in 1999 by Bill Clinton, of the Glass Steagall Act, which had prohibited commercial banks from engaging in the investment business. This allowed the investment banks to indulge in the debauch of financial invention that almost destroyed the world's monetary system. Trump has made the reinstatement of Glass Steagall official policy. Should that happen, it could be the most beneficial development in the global financial system for decades.

People are sensitised to government-enabled corporate excess and doubt elected officials are capable and willing to serve their interests. The lesson from the 2014 federal budget is that there are non-negotiables around the function of government: to provide the conditions that ensure the flourishing of all citizens. Yet in terms of future-proofing living standards, the Coalition has so far presided over an ideas bust rather than boom, unless boom is the sound of something spontaneously combusting.

The passing of Bob Ellis recalls his faithful accompanying of the 1984-1985 royal commission into the British nuclear tests conducted in South Australia in the 1950s and 1960s. His article on the Wallatina hearings described what he named as the commission's 'worst story of all': Edie Milpudie's telling of herself and her family camping, in May 1957, on the Marcoo bomb crater. Re-reading the Ellis article, tears stung my eyes. It's so good when truth is recognised and held up for our freedom.

Francis does not pretend to have answers to the big questions which will confront world leaders when they gather in Paris. But he does think the science is IN, and the evidence is clear that much of the climate change, loss of biodiversity and water shortages are the result of human action. We are blessed to have a pope who speaks to all the world about the prudence, justice and empathy required so that more people on our planet might enjoy integral human development.